Nivo has formed a Technology Steering Committee, bringing together major lenders in the second charge market.
The committee will be charged with continually researching and discussing ways that technology can help make things easier for consumer and brokers, and to drive up conversions rates.
Mat Elliott, chief development officer at Nivo, said: “There’s a real opportunity for technology to help drive the recovery in the second charge market.
“We are proud of the results that we’ve proven so far by focusing on making things easier for customers and brokers, and we see so much potential to make things better.
“We have board support to invest further in solving a next set of problems specifically for this industry and are focused on working closely with lenders to ensure that the technology we deliver is shaped from the ground up with their input.
“I’m delighted that most of the biggest players in second charge lending have agreed to work together with their peers and competitors to discuss and help develop FinTech solutions to benefit the industry.
“The future of the second charge market will be shaped by forward thinking companies and individuals who understand that being better connected is the route to a bigger, more successful industry.”
The inaugural meeting, hosted by Nivo’s chief development officer Mat Elliott, took place via Zoom with industry leaders from lenders including United Trust Bank, Together, Optimum Credit, Paragon, Norton Finance, Shawbrook Bank, Central Trust, Equifinance, Step One Finance, 1st Stop Home Loans and Selina Finance joining to launch the group and discuss the findings of Nivo’s initial market research.
The group has been established to prioritise key areas for further improvement, with Nivo driving more in-depth research, and investing in technology enhancements.
At the first meeting the group felt the market would take 12-18 months to recover to Pre-Covid-19 activity level, while one positive raised was the acceleration of digital adoption across the industry.
The need to improve deal speed and simplify the customer experience was raised by all attendees as the main benefit that technology can deliver.
It was also seen as the greatest driver of market growth in an industry where slower deal times increase the risk of drop-outs.
This post has originally been featured in Property Wire.